Bitcoin as a P2P Virtual Currency
Throughout human history, people have used many different payment methods. It’s well-known that people have previously used shells and many other things as currencies at some point in time. Today, it is almost impossible to imagine our lives without money. It has become a crucial part of our lives that allows us to trade with others. Nonetheless, the new revolutionary technology Bitcoin can change it all. Bitcoin is an electronic currency that can be anything from money to a vote in elections. It is stored and distributed across the network and is open to the public. Every single bitcoin is saved online and cannot be copied; the system that allows it to happen is called Blockchain. All transactions are logged in Blockchain, which makes them immediate.
This new technology has a lot of potentials if developed properly and efficiently. It could play a huge role in the decrease of bureaucracy and save accountants a lot of work and time. The Bitcoin technology is innovative and efficient. Bitcoins can be assigned to certain payments, such as grants and scholarships. Moreover, the leftover amounts from assigned bitcoins can be returned automatically. This is a great opportunity for companies and governments to manage their finances. They can cut lengths and costs of the transaction by eliminating third parties using Bitcoin.
Challenges and Security Concerns
As of now, there are very few businesses that use this system, which makes it harder for users to spend their bitcoins. The biggest concern raised by businesses is the security aspects of the Bitcoin system. Like in real life, your wallet must be secured. You should be careful of any service designed to store your money online. Many exchanges and online wallets suffered from security breaches in the past and such services generally still do not provide enough insurance and security to be used to store money like a bank. Using two-factor authentication is highly recommended. It is a good practice to keep only small amounts of bitcoins on your computer, mobile, or server for everyday uses and to keep the remaining part of your funds in a safer environment. Backup your entire wallet and Encrypt online backups. If you only have a backup of the private keys for your visible Bitcoin addresses, you might not be able to recover a great part of your funds with your backup. Use more than one secure locations, otherwise, single points of failure are bad for security.
Bitcoin Development in Open Source Environment
We at ATI are very equipped with developing Bitcoin projects. We have access to Bitcoin code repository and we host technical events to discuss the opportunities and challenges for related security, cryptography, vulnerability and CLI/API interface. If you have a Bitcoin project, we are here to help you in successfully integrating Bitcoin open source solutions into your existing business model. Our cross-industry expertise in open source software development and deep domain knowledge in security aspects helps us work closely with our client organizations. Your insights are opportunities for us; we are here to convert opportunities into ideas and to convert an idea into real-time business solutions – that can be implemented into diverse enterprise touchpoints. Additionally, we not only leverage open source as a development model to promotes universal access and redistribution; but we are also an active contributor to several open source platform.
To know more how we are different, what we do and how we can help, please visit – www.abasystech.com.
- Animated video created by a non-profit initiative by designers Patrick Loonstra (www.patrickloonstra.nl) and Sebas van den Brink (sebasvandenbrink.nl) and entrepreneurs Lykle de Vries (ThesisOne.com) and Rutger van Zuidam (Senanga.net, IntoBitcoin.com). Also on, www.youtube.com/watch?v=YIVAluSL9SU&feature=youtu.be
- Bitcoin.org – Bitcoin Image